According to the latest report by IMARC Group, titled, “Public Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global public transportation market size reached US$ 232.24 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 339.41 Billion by 2028, exhibiting a growth rate (CAGR) of 6.44% during 2023-2028.
Public transportation represents a system of transportation that is commonly available for use by the general public and generally provided by government bodies or private entities. It comprises several modes of travel, such as trains, trams, buses, subways, ferries, light rail, etc. Public transportation networks are specifically designed to serve communities by offering an affordable and convenient alternative to private vehicles. They operate on scheduled stops and routes, thereby allowing passengers to access numerous destinations within a city or region. Public transportation systems promote sustainable mobility, reduce traffic congestion, and minimize environmental impact by decreasing the number of individual vehicles on the road. They play a vital role in fostering social integration, enhancing accessibility, and supporting economic development.
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Public Transportation Market Trends and Drivers:
The inflating need for reducing carbon emissions and the increasing consumer awareness towards climate change are primarily driving the public transportation market. Additionally, the widespread adoption of electric buses and trains that are more cost-effective as compared to owning and maintaining a private vehicle is further bolstering the market growth. Besides this, they also offer an affordable means of transportation for individuals who prefer not to bear the expenses associated with private vehicle ownership or cannot afford a car, which is acting as another significant growth-inducing factor. Moreover, the development of well-designed public transportation networks that provide convenience and time savings, especially in congested urban areas, is positively influencing the global market. Apart from this, the introduction of mobile ticketing, real-time tracking, and digital payment systems is anticipated to fuel the public transportation market over the forecasted period.
Public Transportation Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on mode type and booking channel.
Breakup by Mode Type:
Breakup by Booking Channel:
Breakup by Region:
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Key highlights of the report:
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